2018.09.1408:43:00UTC+00U.S. Import Prices Drop Much More Than Expected In August

Import prices in the U.S. fell by much more than expected in the month of August, according to a report released by the Labor Department on Friday.

The Labor Department said import prices dropped by 0.6 percent in August after edging down by a revised 0.1 percent in July.

Economists had expected import prices to dip by 0.2 percent compared to the unchanged reading originally reported for the previous month.

The report also said export prices slipped by 0.1 percent in August after falling by 0.5 percent in July. Export prices had been expected to come in unchanged.